Joe’s Gourmet Fish Fry is a special breading that can be used to make a variety of fried dishes. Despite the name, it’s not just for fish recipes. It can be used for other seafood, chicken, and even fried vegetables. Founders Joe and Maranda Dowell struck a deal with Daymond John on Shark Tank. As of 2024, Joe’s Gourmet Fish Fry is estimated to be worth $4 million.
Founder
Joseph and Maranda Dowell are a couple from Atlanta, Georgia. Little is known about Maranda’s educational background, but her husband graduated from Alabama A&M University.
Before selling culinary products, the husband and wife team were already involved in the food industry. They co-owned restaurants in their hometown and in New Orleans, Louisiana. However, both restaurants were destroyed by Hurricane Katrina in 2005.
After the unfortunate incident, the Dowells started a catering business. It was still related to their previous jobs, so they were doing well. The business provided food at local events around Atlanta.
Founded Joe’s Gourmet Fish Fry
Joe invented a special breading to use in the fried fish and shrimp he served to his customers. This breading used less oil and gave the main ingredients a salty and crispy taste. People loved it and began asking for the recipe.
The Atlanta-based founders began selling the product in grocery stores in 2007. In 2017, the founders expanded into Walmart, and in the same year, their cumulative sales reached over $409,000. Despite reaching this milestone, Joe and Maranda believe this can become a much larger business.
Shark Tank Appearance
By 2018, Joe’s Gourmet Fish Fry had a strong customer base, but Joe and Maranda wanted to raise money. They made an impressive appearance on season nine, seeking $150,000 in funding in exchange for 15% equity.
The couple’s presentation was so animated that the sharks laughed. As they handed out samples to the sharks, their claims and enthusiasm gained traction. They forecast revenues of $270,000 in 2018 and $450,000 in 2019. The sharks were intrigued, but most of them lost interest when they found out that Joe’s father owned 85% of the equity.
However, Daymond John was still keen to invest and was willing to take the risk. Daymond John offered $150,000 for 25% of the shares, and the founder tried to argue but eventually accepted the deal.
After Shark Tank
Being on Shark Tank gave their sales and brand a huge boost. After the show, the deal with Daymond John was never completed, according to MSN.com. Joe’s father may have refused to give up his stake, or Daymond may have changed his mind.
Despite the setback, the founders continued to grow the business, and it is now in more than 1,200 stores, according to its website. Before Shark Tank, the bread mix was sold in Walmart, Kroger, Meijer, HEB, Winn-Dixie and Publix.
They opened a restaurant called Joe’s Gourmet Fish and Chicken and hope to open more franchise locations next year. Currently, the company charges an initial franchise fee of $35,000, and the minimum estimated cost including the franchise fee is $203,117. Adopting a franchise model can be a lucrative avenue for food business.
Joe’s Gourmet changed its packaging and received 87 reviews on Walmart.com with an average rating of 4.4 stars. The company is growing rapidly, with an estimated annual revenue of $2 million and a market capitalization of $4 million. In 2024, the founders plan to relaunch with a new website design.
Categories: Shark Tank
Source: dut.edu.vn
